Balanced scorecard in restaurant Essay Example | Topics and Well Written Essays - 1000 words

Balanced scorecard in restaurant - Essay Example s is presently the head chef as well as the owner of the restaurant and with his maverick ideas he has turned it into one of the most exciting restaurants in the entire United States of America. A balanced scorecard is applied to analyze the organization’s current situation. Based on this analysis a problem statement, present challenges, opportunities and possible management solutions are inferred and provided in this paper. Balanced scorecard, a strategic tool, developed by Robert Kaplan and David Norton (Value Based Management.net, n.d.).is used effectively in translating a company’s strategy and vision into the reality of implementation. Organization can perform this process of implementation from four different perspectives which include financial perspective, business process perspective, learning and growth perspective and customer perspective (Balanced Scorecard Institute, n.d.). A sound financial health is primary requisite of any business organisation. Therefore it becomes imperative to develop a financial objective and mission before taking the initiatives to achieve those missions and objectives. French Laundry restaurant is a three star restaurant in USA. It is a financially strong organization. Here a normal dinar costs almost 1500 dollar and people are found to be very much comfortable with this price (Sutton, R. January 13, 2009). However with USA being one of the most affected countries in the present recession, French Laundry’s current financial goals should therefore include cost reduction, growth and maximizing profit. Achievement of the Goals can be measured by comparing costs and profits of two consecutive years. Customer is another important element for any business organization. Present management philosophy is based on the fact that customer is the king in the market. An Organization not only needs to retain its existing customers but also to attract new customers in order to enjoy a sustainable growth. Strategies regarding